Altai Capital Management, L.P. — 13F Portfolio

Altai Capital Management, L.P. is a New York–based hedge fund manager running concentrated, fundamentally driven, event-focused equity strategies for institutional and sophisticated private investors. Founded by Rishi Bajaj, who serves as portfolio manager, the firm seeks to exploit mispricings around corporate events and structural change—combining deep fundamental research with a willingness to take meaningful, often active, positions in a limited number of companies. Altai operates as an SEC-registered investment adviser and advises private pooled investment vehicles and separate accounts. Its client base typically includes institutions, family offices, and high-net-worth investors looking for idiosyncratic, alpha-oriented exposure rather than benchmark-relative index risk. Altai Capital Management, L.P. appears in the U.S. regulatory record as an institutional investment manager filing Form 13F with the Securities and Exchange Commission under CIK 0001478982. These filings disclose the firm’s reportable long positions in U.S.-listed equities and certain equity-like securities across accounts where it has investment discretion. The 13F data capture only the long U.S. equity sleeve of Altai’s strategies; short positions, derivatives, non-U.S.-listed holdings, and capital-structure instruments that are often central to an event-driven mandate are outside the 13F disclosure framework. When its filings are organized into a continuous 13F History, Altai’s reportable U.S. holdings can be reconstructed at each quarter-end. That reconstruction is the factual basis for analyzing the firm’s disclosed 13F Portfolio Composition and for developing a 13F-derived Historical Track Record for the visible portion of its activity.

Altai Capital Management pursues a fundamental, event-driven and special-situations strategy with a value and catalyst orientation. The firm typically seeks companies whose share prices, in its view, do not reflect underlying asset value, normalized earnings power, or the impact of upcoming corporate events. Key elements of the approach include: - Deep bottom-up research: Altai conducts intensive analysis of company financials, industry structure, management quality, and capital structure. It focuses on understanding why a mispricing exists (e.g., structural complexity, temporary controversies, forced selling) and what could close the gap between price and intrinsic value. - Event and catalyst focus: Positions are commonly tied to identifiable catalysts—strategic reviews, spin-offs, asset sales, recapitalizations, governance changes, contested M&A, or balance-sheet restructurings—that can unlock value over a finite horizon. In some cases, Altai may take an active or shareholder-engagement role to influence outcomes. - Concentrated portfolios: The strategy typically holds a relatively small number of high-conviction positions. Position sizes reflect both upside potential and downside risk, as well as liquidity and the timing and reliability of anticipated catalysts. This leads to high active share relative to broad indices. - Capital-structure awareness: Even though only common equity longs appear in 13F, Altai often analyzes entire capital structures and may participate in multiple instruments (credit, preferreds, options) to optimize risk/reward. Those non-equity positions are not visible in 13F data. The 13F filings usually show exposure across technology, media and telecommunications, consumer cyclicals and services, industrials, and financials, as well as occasional stakes in energy or real assets where the firm identifies event-driven value. Sector weights are a consequence of the opportunity set at a given time, not rigid targets. Holding periods for core positions are typically measured in quarters to years, consistent with the time needed for complex events to unfold. As a result, turnover in the long book is low to moderate: there is a recurring core of names visible across multiple filings, with changes driven by thesis completion, fundamental deterioration, or superior idea substitution rather than frequent trading. Feeding Altai’s 13F History into a Portfolio Simulator or Backtesting Service allows the disclosed U.S. long book to be transformed into a normalized notional portfolio, rebalanced on each filing date. This supports quantitative interrogation of the strategy’s 13F-derived Historical Track Record, while explicitly acknowledging that it reflects only one leg—the long U.S. equity sleeve—of a broader, often more complex event-driven framework.

Altai Capital Management, L.P., as observed through SEC filings under CIK 0001478982, is a New York–based, event-driven hedge fund manager running a concentrated, catalyst-focused long equity sleeve alongside shorts and other instruments not visible in 13F. The public filings reveal a multi-sector, high-conviction U.S. equity portfolio with low-to-moderate turnover and clear deviations from benchmark weights, consistent with a research-intensive, value- and catalyst-aware process. When those filings are stitched into a coherent 13F History and analyzed via a Portfolio Simulator, an allocator can reconstruct a normalized portfolio representing the firm’s reportable long U.S. equity exposures. Structurally, the evolution of the 13F Portfolio Composition over time highlights how sector exposures, issuer breadth, and top-holding concentrations have shifted with changes in the event pipeline, valuation spreads, and market conditions. Outcome-wise, the inferred Historical Track Record, together with indicative efficiency diagnostics such as a reconstructed Sharpe Ratio and observed Max Drawdown Depth, offers a data-grounded view of how the visible long sleeve has navigated bull and bear markets, deal cycles, and style rotations. Because Form 13F illuminates only the long U.S. equity component of a broader event-driven and potentially long/short strategy, analytics derived from these data should be treated as a focused, long-only lens on one element of Altai’s process, not as a complete representation of investor experience. The key open question for allocators and oversight committees is how the regime sensitivity implied by this reconstructed sleeve—its dependence on equity markets, corporate activity, and sector leadership—interacts with Altai’s short book, capital-structure positions, and non-U.S. exposures, and whether that combined profile aligns with their objectives for event-driven and special-situations allocations within a diversified multi-manager or multi-asset portfolio.

Altai Capital Management’s risk profile, as seen through its 13F holdings, reflects the combination of equity-market exposure, factor and sector tilts associated with event-driven targets, and the concentration inherent in a high-conviction hedge-fund portfolio. Key structural risk characteristics of the 13F-visible sleeve include: - Market risk: The reconstructed 13F portfolio is long-only and thus participates fully in equity market moves when viewed in isolation. In the live strategy, gross and net exposure may be modulated with shorts and derivatives, but those hedges are not captured by 13F, so the notional sleeve will generally rise in bull markets and suffer drawdowns in broad selloffs. - Concentration and idiosyncratic risk: With a limited number of sizable positions, portfolio outcomes are significantly influenced by company-specific events—earnings surprises, deal outcomes, regulatory decisions, litigation, and changes in management or strategic direction. While such idiosyncratic risk is a source of potential alpha in event-driven investing, it also contributes to higher name-level volatility. - Event and execution risk: The strategy’s thesis often hinges on corporate events occurring as anticipated, on reasonable timelines, and at expected economics. Deal breaks, delayed restructurings, adverse governance developments, or unexpected counterbids can all impair the thesis and lead to sharp, discrete losses in affected positions. - Sector and factor biases: Because many corporate events cluster in particular industries (e.g., TMT, consumer, industrials, financials), the portfolio may at times carry non-trivial tilts to these sectors or to factors such as value, quality, or small/mid-cap exposure, which can amplify sensitivity to specific market regimes. By mapping each disclosed security to its historical price series and reconstructing a time series of notional portfolio values from Altai’s 13F History, allocators can estimate realized volatility, correlations with standard benchmarks, and the depth and duration of drawdowns. A central downside diagnostic is historical Max Drawdown Depth, which measures the steepest peak-to-trough decline experienced by the reconstructed 13F-based portfolio and summarizes how the interplay of market beta, event risk, and position concentration has translated into capital impairment during adverse periods. From the same reconstructed capital path, risk-adjusted outcome measures such as an indicative Sharpe Ratio can be derived, relating the variability of the sleeve to its long-run compounding behavior. Interpreting these statistics alongside the evolving 13F Portfolio Composition—including issuer count, top-position weights, sector distribution, and any use of ETFs or other vehicles—yields a practical Volatility Profile for the segment of Altai’s activity that is transparent via Form 13F and can be explored further through Performance Backtests Online. It is critical to recognize that this 13F-based lens does not capture short positions, options, swaps, or non-U.S. holdings that are often integral to risk management and alpha generation in an event-driven hedge fund. The actual net risk profile experienced by investors can therefore differ materially from that of the reconstructed long-only book.